By Adedapo Adesanya

The Naira rose against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, November 6, by N1.95 or 0.14 per cent to N1,346.79/$1 from N1,348.74/$1.

The local currency appreciated further against the Pound Sterling in the official market yesterday by N13.39 to N1,803.63/£1 from N1,817.02/£1, and improved against the Euro by N9.86 to quote at N1,504.10/€1 versus the preceding session’s N1,513.96/€1.

However, the Nigerian Naira maintained stability against the US Dollar in the black market during the session at N1,375/$1, and also remained unchanged at N1,356/$1 at the GTBank FX desk.

Data from the Central Bank of Nigeria (CBN) indicated that there was an increase in forex demand at the currency market on Friday, with turnover rising by 183.6 per cent to $232.980 million from $82.162 million a day earlier. Also, the number of FX transactions surged to 147 deals from 88 deals.

As for the cryptocurrency market, there were recoveries among many benchmarked coins, as data showed that the labour market in the US bounced back in a big way in October after a soft showing in September.

The US government’s Nonfarm Payrolls Report showed the addition of 165,000 jobs in October, far past estimates for 65,000. September’s originally reported 29,000 job gain was revised higher to 60,000.

The October unemployment rate fell to 4.1 per cent versus September’s 4.2 per cent.

Cardano (ADA) improved by 0.9 per cent to $0.1847, Ethereum (ETH) rose by 0.8 per cent to $2,243.78, Binance Coin (BNB) soared by 0.7 per cent to $694.32, Bitcoin (BTC) expanded by 0.6 per cent to $76,005.65, and Solana (SOL) also recorded a 0.6 per cent rise to sell at $90.13.

Further, Dogecoin (DOGE) jumped by 0.4 per cent to $0.0720, and TRON (TRX) grew by 0.01 per cent to $0.3181, while Ripple (XRP) slumped by 0.8 per cent to $1.17, with the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closing flat at $1.00 apiece.

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Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.